Scott + Scott, Attorneys At Law, LLP Announces Proposed Settlement of NQ Mobile Securities Litigation

28 Dec, 2015, 12:18 ET from Scott + Scott, Attorneys At Law, LLP

NEW YORK, Dec. 28, 2015 /PRNewswire/ -- The following statement is being issued by Scott + Scott, Attorneys At Law, LLP regarding the NQ Mobile, Inc. Securities Litigation:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

IN RE NQ MOBILE, INC. SECURITIES LITIGATION

Case No. 1:13-cv-07608-WHP



 

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO:     ALL PERSONS OR ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED NQ MOBILE, INC. ("NQ") AMERICAN DEPOSITARY SHARES ("NQ ADS SHARES") BETWEEN MARCH 6, 2013 AND JULY 3, 2014, INCLUSIVE, AND WERE DAMAGED THEREBY (THE "CLASS"). 

THIS NOTICE WAS AUTHORIZED BY THE COURT.  PLEASE READ IT CAREFULLY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on March 11, 2016 at 2:00 p.m., before the Hon. William H. Pauley III of the United States District Court for the Southern District of New York at the Daniel Patrick Moynihan United States Courthouse, Courtroom 20B, 500 Pearl Street, New York, NY 10007-1312 to determine whether, among other things: (1) the proposed settlement (the "Settlement") with NQ and certain of its current and former officers (the "Settling Defendants") for $5,100,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the proposed Final Judgment, dismissing and releasing various claims as provided for by the settling parties' Stipulation and Agreement of Settlement ("Stipulation"), should be entered; (3) the Proposed Plan of Allocation should be approved; and (4) an award of attorneys' fees and expenses from the Settlement proceeds should be made.

This litigation is a securities fraud class action brought on behalf of those who purchased or otherwise acquired NQ ADS shares during the Class Period and were damaged thereby (the "Class Members") against, among others, NQ and five of its current and former senior executives for allegedly issuing materially false and misleading statements concerning NQ's financial performance, assets, relationships with its biggest customer, market share, and the functionality of its mobile security products.  Lead Plaintiffs allege that these statements wrongfully inflated the price of NQ ADS shares, causing damages to Class Members.  The Settling Defendants deny all of Lead Plaintiffs' allegations.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS MAY BE AFFECTED BY THE PROPOSED SETTLEMENT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. 

To be eligible to share in the distribution of the proposed Settlement Fund, you must establish your rights to do so by submitting a Proof of Claim form no later than March 31, 2016.  Your failure to do so will preclude you from receiving any portion of the Settlement.  Any objections to the proposed Settlement, Plan of Allocation, or application for an award of attorneys' fees and expenses must be filed and delivered to Lead Counsel for the Class at the address below no later than February 10, 2016, as set forth in the full printed "Notice of Pendency and Proposed Settlement of Class Action" (the "Notice").

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A WRITTEN REQUEST FOR EXCLUSION BY FEBRUARY 10, 2016, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.  IF YOU ARE A CLASS MEMBER AND DO NOT REQUEST EXCLUSION THEREFROM, YOU WILL BE BOUND BY THE SETTLEMENT AND BY ANY FINAL JUDGMENT ENTERED IN THIS MATTER WHETHER OR NOT YOU SUBMIT A PROOF OF CLAIM.

If you have not received a Proof of Claim form or a copy of the Notice (which more completely describes the Settlement and your rights thereunder), you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and the proposed Final Judgment, online at www.nqsecuritieslitigation.com, or by writing to:

NQ Mobile Securities Litigation
c/o Gilardi & Co. LLC
PO Box 8040
San Rafael, CA 94912-8040
Toll Free Number:  1-844-899-6216

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries, other than requests for the Notice or for a Proof of Claim form, may be made to Lead Counsel:

SCOTT + SCOTT, ATTORNEYS AT LAW, LLP
William C. Fredericks
The Chrysler Building
405 Lexington Avenue, 40th Floor
New York, NY 10174

Dated:  November 17, 2015

HON. WILLIAM H. PAULEY III


U.S. DISTRICT COURT JUDGE

 

SOURCE Scott + Scott, Attorneys At Law, LLP